Azerbaijan, Baku, April 1 / Trend N.Ismayilova /
The appraisal organization VRC became the assessment agency for the Azerbaijani Mortgage Fund (AMF), operating in the Central Bank of Azerbaijan (CBA), the AMF reported.
The company has become the 12th assessment agency of the AMF.
Currently, AMF agents include 16 insurance companies and 22 banks.
Under the AMF's terms, the maximum amount of the issuance of conventional mortgages in Azerbaijan is 50,000 manat, at an eight percent rate and 25-year term. But the amount in the social mortgage is 35,000 manat, at a four percent annual rate and a 30-year term. The initial fee for ordinary and concessional loans is 15 percent.
Conditions for mortgage lending are as follows: loans must be issued in the national currency - mantas -- and only to citizens of Azerbaijan, the mortgage can only be taken out for apartments or private houses, the volume of mortgage lending must not exceed 85 percent of the market price, the monthly payment for a loan must not exceed 70 percent of a debtor's monthly income and there must exist a contract on life insurance, among others.
Preferable conditions are granted to members of a family of war victims, national heroes, internally displaced persons, civil servants with at least a three-year experience, PhD candidates and doctors of philosophy, persons making special contributions to a sport, as well as members of the military with a minimal three-year term of service.
Each family has a one-time right to use a lax mortgage loan.